Welspun One Logistics Parks (WOLP), an integrated fund and development management platform, has announced a build-to-suit lease agreement with Montra Electric (from TIVOLT), the 4 Wheeler electric vehicle manufacturer of the Murugappa Group.
Under this partnership, Welspun One will construct a build-to-suit (BTS) facility, encompassing Montra Electric's (from TIVOLT) retail experience center and a dedicated assembly space tailored for four-wheeler small commercial EVs. Located within the Welspun One logistics and warehousing park in Chinnambedu, Chennai, the facility is projected to commence operations by the second quarter of 2024.
The mixed-use development spans over 3 lakh sq. ft., which includes 50,000 sq. ft. of open space. The facility is customised to meet Montra Electric’s (from TIVOLT) precise requirements, ensuring exceptional accessibility and specialised finished goods storage solutions, among other features.
Anshul Singhal, Managing Director, Welspun One speaking on the announcement said, "This project exemplifies our dedication to providing tailored solutions that meet the unique needs of our clients. Our asset-light and investment-friendly approach perfectly aligns with Montra Electric's (from TIVOLT) vision, and we are excited to contribute to their growth. This collaboration underscores our mission to transform the logistics landscape, drive innovation, and support the future of mobility."
A senior member from Montra Electric (from TIVOLT), added, "Welspun One has an exceptional ability to seamlessly align and understand our objectives. They have adeptly addressed Montra Electric's (from TIVOLT) unique power supply needs, a crucial prerequisite for EV manufacturing. The facility also boasts ample parking spaces, ensuring a seamless and efficient operational environment. We firmly believe that we are on the cusp of reshaping the electric vehicle sector and establishing pioneering benchmarks within the industry.”
The project is part of an Rs 2,500 crores investment Memorandum of Understanding (MoU) signed by Welspun One with the Government of Tamil Nadu, further underlining the company’s commitment to fostering regional economic growth.